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| LS Industrial Systems (LSIS) Chairman and CEO Koo Ja-kyun, fifth from left, holds a placard showing the company's new name LS ELECTRIC with employees at LS Tower in Anyang, Gyeonggi Province, Tuesday. / Courtesy of LS ELECTRIC |
By Baek Byung-yeul
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| The new logo for LS ELECTRIC / Courtesy of LS ELECTRIC |
The company held its annual general shareholders meeting at its headquarters in Anyang, Gyeonggi Province, which reached an agreement to change the name.
It said the decision to rename the company was to show the intention to shake off its old image, and strengthen its overseas business and customer-centric business strategy.
"We wanted to shake off our image which is a provider of safe and efficient electric power systems and create a new corporate identity as a smart energy company under the name LS ELECTRIC," a company official said.
LS ELECTRIC was called Lucky Packing when it was established in 1974. The company was renamed Goldstar Industrial Systems in 1987 and changed it to LG Industrial Systems in 1995. Since 2005, the company had used LSIS after LS Group was separated from LG Group in 2003.
LS ELECTRIC Chairman and CEO Koo Ja-kyun said its former corporate name "industrial systems" had "accomplished its task" after making the firm a leader in the electric power and automation sectors.
"Under the new name LS ELECTRIC, we have to write a new history with a heavy sense of responsibility," Koo said in a statement emphasizing that the key to the company's success was developing its overseas business.
Koo's initiative to expand overseas comes at a time when the company generates 40 percent of its sales there. To grow this further the company launched a global business division early this year as part of efforts to explore new business opportunities such as smart energy systems.
The company added it will come up with a new corporate mission soon to accelerate its drive to explore the global market for new business.
